https://www.taxtmi.com/caselaws?id=11189 The court upheld the decision that the sale proceeds of scrapped bottles and crates were taxable under section 41(1) of the Income-tax Act, 1961. It was held that the amount obtained from the sale of these assets constituted profits and gains of business, falling within the scope of section 41(1). The court emphasized that depreciation is a type of expenditure, and any amount received from the sale of assets subject to depreciation is chargeable to tax under the applicable provisions for the relevant assessment year. en-us Tue, 10 Feb 2004 00:00:00 +0530 Sat, 01 Aug 2009 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11189 The court upheld the decision that the sale proceeds of scrapped bottles and crates were taxable under section 41(1) of the Income-tax Act, 1961. It was held that the amount obtained from the sale of these assets constituted profits and gains of business, falling within the scope of section 41(1). The court emphasized that depreciation is a type of expenditure, and any amount received from the sale of assets subject to depreciation is chargeable to tax under the applicable provisions for the relevant assessment year. Case-Laws Income Tax Tue, 10 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11189